Kotak Mahindra Bank Reports 15% Rise in Q4 Profit

Kotak Mahindra Bank reported a 15.16 percent rise in standalone net profit at Rs 1,124 crore for the fourth quarter (Q4) ended March 2018 from Rs 976 crore in the same quarter last year.

Its YoY (year-on-year) standalone net interest income (NII) for the quarter in review rose by 19.4 percent to Rs 2,580 crore from Rs 2,161 crore.

The Mumbai-based bank's gross NPAs (non-performing assets) was down to 2.22 percent for January to March 2018 from 2.31 percent in the December quarter. Meanwhile, its net NPAs fell to 0.98 per cent from 1.09 per cent in the third quarter.

Kotak Mahindra Bank's YoY provisions for the quarter ended March 2018 rose to Rs 307 crore from Rs 267 crore in the fourth quarter of the last fiscal year.

Its advances were up by 25 percent at Rs 169,718 crore for the fourth quarter from Rs 1,36,082 crore for the same quarter last year.

The bank's average savings deposits jumped by 58 percent to Rs 61,223 crore for Q4 from Rs 38,628 crore for the same quarter last year.